President Joe Biden expressed his appreciation to House Speaker Kevin McCarthy in his first public address from the Oval Office, lauding Congress for their successful passage of the debt-ceiling agreement earlier this week. He mentioned that he and McCarthy were honest and respectful to each other and both sides kept their word. Therefore, the deal marks the latest instance in which Biden has surpassed expectations, including the Democrats’ performance in the previous November’s midterm elections, during which they secured an additional seat in the Senate and lost the House narrowly, according to Bloomberg.
During his Oval Office address, Biden listed the agreement as part of his legislative accomplishments and used it as a launching pad for his 2024 presidential reelection campaign. He also enumerated his electoral pledges that he fulfilled, such as closing special interest loopholes for the affluent and the oil sector, as well as cryptocurrency investors, which Republicans defended. Biden promised to return and win with the help of his voters.
Biden revisited themes from his successful 2020 presidential campaign, including unity, bipartisanship, and democracy. However, the deal still risks brinkmanship, according to experts. Fitch Ratings stated that there has been a steady deterioration in governance over the last 15 years, with increased political polarization and partisanship. Michael Gapen, an economist for Bank of America, also warned that partisan divisions leave the risk of a U.S. government shutdown later this year despite the spending guideposts enshrined in the debt-limit deal.